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Bank Bailout Bingo: How Both Parties Exploit Populist Anger
By Walter Shapiro - Politics DailyThe congressional votes nearly two years ago were the last gasp of old-time bipartisanship as the warring leaders of both parties united in a crisis to pass emergency legislation that the White House desperately craved. (Yes, it sounds like a children's bedtime story, but it actually happened.) While the legislative route through the House was terrifyingly bumpy, the lopsided 74-to-25 vote in the Senate reflected the establishment consensus, with Barack Obama and John McCain, plus Harry Reid and Mitch McConnell, all voting yes. Nothing is more emblematic of the poison-pen partisanship of ...
Washington in 60 Seconds -- 'Heckuva Job' Brownie Talks Oil Slick to Sell Book
By Patricia Murphy - Politics DailyGood morning, Capitolists! It's election day in Britain, but just another day at the office on this side of the pond. Here's what's making news in Washington today: - Stale Brownie. Oh, Michael Brown, how we've missed your special brand of disaster mismanagement. Politico's Patrick Gavin caught up with the former FEMA director who oversaw the Bush response to Hurricane Katrina and got an infamous "heckuva job, Brownie" shout-out from the president for his efforts. He's now a disaster consultant and tells Gavin that he's been ubiquitous on cable news this week to talk about the Obama response ...
Biggest Mistake of the Financial Crisis: Lehman Bros. Bankruptcy
By Joann M. Weiner - Politics DailyWriting the first draft of history is hard. Getting history right is even harder. The first draft of the history of the financial crisis says that allowing Lehman Brothers to file for bankruptcy protection one year ago today was the right decision. The final version is likely to conclude otherwise. At $600 billion, Lehman Brothers stands as the largest bankruptcy in world history. Having engineered a rescue of another over-leveraged and under-capitalized investment bank (Bear Stearns) just six months earlier, Treasury Secretary Henry Paulson had no intention of doing it again so soon. ...
Should We Nationalize U.S. Banks?
By David Knowles - Politics DailyThe nation's media is buzzing over remarks made by Republican Senator Lindsay Graham in which John McCain's right hand man signaled that nationalizing the nation's banks was an option that Congress should consider. Watch:Who else is advocating what appears, at first glance, to be this most antithetical to Republican principles idea of bank nationalization? The man who predicted our financial catastrophe in the first place, Nouriel Roublni. Writing in Forbes, he surveys our options, including what little we know of the Treasury's bank rescue, and concludes that our best bet is all out ...
America to Obama: Stimulate Me!
By David Knowles - Politics DailySuch are the findings of a new Wall Street Journal/NBC poll on what to do about our sagging economy: As a whole, the nation's mood remains glum, with three out of four people surveyed expecting the recession to persist for at least an additional year. Asked about the economic-stimulus package, now estimated to cost $850 billion over two years, 43% of people surveyed called it a "good idea," while 27% said it is a "bad idea." The rest didn't have an opinion. Even Republicans and independents think GOP lawmakers should work to move the legislation forward. Of course, there is a catch. ...
Obama Creates New Post: Chief Performance Officer
By David Knowles - Politics DailyVia CNN:Two Democratic officials confirm Nancy Killefer will be unveiled as chief performance officer, a newly-created position focused on bringing back fiscal order. Given the amount of money that Obama plans to pour into a new and improved stimulus package to try and help resuscitate our nation's moribund economy, it does seem wise to hire a person in this capacity. One of the truly rotten aspects of the Bush/Paulson stimulus packages was the lack of accountability whereby nobody seemed to be able to say what, exactly, rescued bands and financial institutions were using taxpayer money ...
Barack Obama Named Time's 'Person of the Year'
By David Knowles - Politics DailyWhat a year it has been for Barack Obama. First, he squeaks by establishment candidate Hillary Clinton to win the Democratic nomination for president, then he starts turning out record crowds across the country, holds a fabulous convention Denver, and ends up trouncing John McCain in the general election. How do you top that off? Well, in an announcement sure to surprise absolutely nobody, Obama has been named Time magazine's "Person of the Year."What does this award actually mean? Well, consider past winners:1998: Bill Clinton/Kenneth Starr2000: George W. Bush2001: Rudy Giuliani2003: The ...
Federal Bailout or Terrifying Police State?
By Ken Layne - Politics DailyHe was right there on C-SPAN, an actual congressman and opponent of the Bush Administration's bailout of Wall Street, speaking on the House floor about those mysterious warnings Henry Paulson supposedly gave to the doubting lawmakers before the $700 billion bill was first rejected by Congress."The only way they can pass this bill is by creating and sustaining a panic atmosphere," Congressman Brad Sherman said Thursday. "Many of us were told in private conversations that if we voted against this bill ... there would be martial law in America."The next day, the House passed the Senate's version ...
Brown's Star Rises After Confrontations
By Jay Allbritton - Politics DailyCNN's Campbell Brown recently attracted attention with a series of confrontational moments that became internet hits. The fun seems to have started early last month when Brown pressed McCain adviser Tucker Bounds to give one specific example of Sarah Palin's foreign policy experience (David Knowles posted the clip here). Brown struck the McCain campaign again later in the month, accusing them of sexism for sheltering Palin from the media. "Tonight I call on the McCain campaign to stop treating Sarah Palin like she is a delicate flower that will wilt at any moment," said Brown. On September 25, ...
Meanwhile, The Fundamentals of Our Economy...
By David Knowles - Politics DailyStepping away from the debate for a moment, today we learned that employment in America declined for the ninth straight month. We lost 159,000 jobs in September, the biggest number in 5 years. And news has also come in today that California Governor Arnold Schwarzenegger has just written to Treasury Secretary Henry Paulson to say that his state may need an emergency loan of $7 billion from the federal government. Why? The credit noose. They can't get the usual short term loans to cover their expenses. With McCain's numbers tanking, and the campaign pulling out its troops from Michigan, it ...
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